Selling assets and privatizing social services is not the solution. Free market dogma isn't an answer, it's part of the problem. National are so blinkered ideologically they have no other paradigm able to explore than deregulated-low-tax-low-wage-small-government.

I think one of those unique answers could be Maori Capitalism. If the most important thing really is people, people, people then the Iwi Leaders must take that challenge on board and redefine Maori Capitalism so that it isn't the exact same venal capitalism that we know and hate.

Their involvement in the Affco/Talley's dispute showed their muscle, they now need to reach out and debate how they should refocus from profit margins to people, to work out what makes their capitalism different from the free market one that has failed so many Maori.

The economic doom will also force the left to reconsider free market doctrine. A massive social investment into state housing is necessary, as is the political courage to lift the top tax rate and impose a financial transaction tax.

The reality is this global downturn is only just beginning and public re-ownership of the economic agenda is critical if NZ wants to live up to its egalitarian hopes.